3 Entrepreneurship Myths Business Owners Must Sidestep
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There are many myths associated with entrepreneurship, likely because the entrepreneurial world can often be thought of as a magical greener grass where only the lucky succeed. Successful entrepreneur Mo Abedin, and leading business coach and entrepreneur Marc Galal share that entrepreneurship paves the way to financial freedom faster than any career. However, it is a road that should be paved with caution. In a recent interaction, Mo and Marc share three myths about entrepreneurship that business owners must try to sidestep.
You can never quit
If you are your own boss, does that mean that you can never quit? The answer is no. Just because you founded a company doesn't mean you can't leave it behind if it isn't profitable enough or no longer fits your life. Mo Abedin shares, "Failure is actually considered to be a learning opportunity within the entrepreneurial world. Being able to recognize that a business idea is becoming unviable and should come to an end is the sign of a smart business owner."
"The idea that an entrepreneur must be a captain that goes down with their ship is an unfounded myth. If you want to quit and start again, you can do that even if your name is on the letterhead," asserts Marc Galal.
You have to be lucky to succeed
There is a misconception that entrepreneurs who succeed in building a profitable business do so just by being lucky. The supply and demand business model that most companies are built on is affected by having the right idea, but luck can only go so far, and determination will always go further.
"The idea of luck deciding whether a business flourishes or fails is a myth. Having the right amount of capital to start a business at the same time that you have identified a gap in a market may seem lucky, but in reality, you don't need the luck to be an entrepreneur. Hard work and perseverance are the only ways to achieve success as a business owner," says Mo.
Marc states, "It can be incredibly demotivating as a business owner to be bombarded by the idea that you need the luck to have a successful business. Business owners should try to ignore this myth and never let themselves believe that they are unlucky in business."
You have to take huge personal risks
The idea that you have to risk everything you own to become a successful entrepreneur is perhaps one of the most insidious myths. Deciding to start your own business and invest in yourself is already a risk; you don't need to take any greater risks like leveraging your home or assets to create capital to fund your business.
Mo elaborates, "Successful entrepreneurs are some of the most cautious people in the business world. The image of a high-flying entrepreneur throwing down poker chips and betting their life savings on a single idea is a myth."
"As an entrepreneur, you still have to survive in the real world of paying for groceries and affording the costs that homeownership can bring. No business owner should ever feel that they have to risk their home and livelihood just to succeed," adds Marc.
The path of an entrepreneur can appear to be a treacherous one to those who hope to travel down it. However, there is no need for a new business owner to fear the path they have taken as many of the perceptions around entrepreneurship are built on unfounded myths.